Do Short Sale Changes Impact Your Ann Arbor Area home?

Are you considering doing a short sale in Ann Arbor? Short sale changes are coming again.

There is always something new and your Washtenaw County Real Estate Experts Team, Certified Distressed Property Experts know how to implement the short sale changes.

If you are considering a short sale, here is updated information that you might consider it. The Federal Housing Finance Agency has new rules concerning short sales that will go into effect Nov. 1. So if you are a Michigan homeowner who has an underwater mortgage, your short sale experience will be a lot easier.

On Tuesday, the FHFA announced new rules that do not require homeowners with an eligible hardship to be delinquent on mortgage payments to qualify. But homeowners must have loans backed up by Freddie Mac and Fannie Mae.

The new FHFA rules include:

  • An offer from Fannie Mae and Freddie Mac of up to $6,000 to second lien holders in order to expedite a short sale.
  • Homeowners with a specific hardship, such as divorce, long-term disability, unemployment or a death in the family can be approved by a loan servicer, without having to go through Fannie Mae or Freddie Mac.

Although RealtyTrac reports that short sales are on the rise, some sales are still blocked by issues.

Still confused about what a short sale is?  Look at our blog post with video or tune into 102.9 FM in the mornings; we are your Washtenaw County Short Sales Experts.  Do you want to see if you qualify?

Are you wondering how underwater your home is? Visit our free calculator to see how your Washtenaw County home stacks up. You deserve the short sale team that can get you to the closing table. Listen to what others say about your Washtenaw County Short sale experts; call us at 734-426-6669.

Short Sale Explained in Video: Is Ann Arbor Area Short Sale for You?

Many home owners in Washtenaw County are finding it impossible to make the mortgage payments after dipping into all of their savings.  Please look at options before heading into foreclosure.

Here is a quick video explaining one of the options – a short sale.

If you have talked to your lender, and even your attorney, then you should know about some choices.  If you are looking for Ann Arbor Area Certified Distressed Property Experts with short sale experience, call our Ann Arbor Real Estate Eperts to discuss what is best for  you:  Kathy Toth has co authored a book titled Should I Short Sale My House?

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Solving Your Mortgage Crisis Just Got Easier in Ann Arbor Area

Solving Your Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale in Washtenaw County

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

  1. Have a verifiable hardship, like unemployment, medical bills, or relocation
  2. Must have a monthly income shortfall
  3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

  1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
  2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
  3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
  4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
  5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today.  Kathy Toth and Team can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.